Exchange Review: HitBTC

HitBTC
  • Editor Rating
  • Rated 3 stars
  • 60%

  • HitBTC
  • Reviewed by:
  • Published on:
  • Last modified: February 14, 2015
  • Trades
    Editor: 64%
  • Funding
    Editor: 57%
  • Compliance
    Editor: 30%
  • Platform
    Editor: 76%
  • Help & Support
    Editor: 70%

HitBTC was founded in 2013, built and maintained by HIT Technologies LP and operated by the Danish Ullus Corporation K/S.

Trades

When it comes to the actual trading, HitBTC is a basic exchange that offers its available services at good rates. It is possible to trade Bitcoin, Litecoin, Dogecoin and some of the lesser known currencies such as duckNotes. In total, nine cryptocurrencies can be traded and three fiat currencies. The latter set consists of U.S. Dollar, Euro and the British Pound. Order execution fees could be a bit better, although this is mainly due to the bid-ask spreads. For USD/BTC this is roughly 30 basis points, while trade fees are just 10 basis points per trade. Orders can be executed as either market or limit order, advanced orders are available in the demo platform but (sadly) not (yet) implemented in the main exchange.

Funding

Funding options are basis as well, as this is limited to wire transfers. HitBTC charges a $9 (or equivalent) flat rate for both deposits and withdrawals. This does not include any additional fees that may be charged by the Bank, hence this options can be both expensive and slow. Within the SEPA Zone the fees drastically improve (less than €1) making HitBTC very suited to serve this region. For trusted users, deposit and withdrawal limits range from 2,000,000 to unlimited (any currency) per day.

Compliance

The exchange was founded in 2013, and therefore is not very experienced yet. The platform is built and maintained by HIT Technologies LP in the United Kingdom, while it is operated by Ullus Corporation K/S in Denmark. Ullus Corporation K/S is registered in the Central Business Register of Denmark under company number 35852492. The official start date is 14 May 2014, which seems rather late given the exchange was founded in 2013. There is no registration under the company name in the database of the Danish Financial Supervisory Authority. Hit Technologies LP has company number SL016208 in the UK business register, and not officially started until 26 March 2014 (incorporation date). For completeness, there is no registered company on the respective postal code with the Financial Services Register. Adding to the previous, the company so far has not made a step towards transparency by doing a Proof of Reserves audit, resulting in the lowest score of all items considered.

Platform

HitBTC has a website with a responsive design, making it accessible through a mobile platform. An optimized App is not available. There are also no portfolio performance analysis tools or research amenities, but more important is that account can be secured with two-factor authentication. Given that HitBTC mainly provides only basic services, there is very little that can go wrong regarding the ease of use of the platform. Simplicity has clearly been a priority in the design, although the designers might have put a little too much effort into this. The order types, hidden by default, might be a bit hard to find.

HitBTC Buy Order

Help & Support

One of the things that is first noted on HitBTC is the availability of a demo version. These are rather rare, but are a valuable tool to anyone looking to get a taste of what the exchange has to offer. As noted with regard to trading, the demo version is not exactly equal to the main site which is a bit strange. The reason for this is unclear, but most parts do seem to match so this is not any less helpful. The help section also offers both a quick start guide covering essential information and a more extensive guide. The site’s terms on the other hand could have been written with a bit more care, given the lack of spaces used in the text. The support is a little less extensive, as costumer support can be contacted via email only.